SMM May 8 Shanghai Nickel spot Newsletter

SMM, 8 May:

Today SMM1 Electrolytic Nickel offer 101200-102700 yuan / ton, the average price is 250 yuan / ton lower than yesterday. Shanghai nickel closed down yesterday night, this morning Shanghai nickel although some recovery, but the center of gravity is still lower than the previous two days. While the price fell, the spot market trading did not improve. Russia nickel to Shanghai nickel 2006 contract report 50 yuan / ton to rise 50 yuan / ton, early market traders more flat water, part of the non-deliverable Russian nickel cocoa discount shipment, morning market transactions are very few. Jinchuan nickel to Shanghai nickel 2006 contract rose 1200-1300 yuan / ton, traders still continue yesterday's offer, it is reported that the market trading is slightly better than Russian nickel, some traders have dozens of tons of trading volume. Jinchuan Company Shanghai ex-factory price of 102000 yuan / ton, Gansu 101550 yuan / ton, at present can only pick up goods in Gansu. Nickel beans to Shanghai nickel 2007 contract posted 700 yuan / ton, due to May Day before the three yuan precursor factory has goods, the current demand is weak.

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